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Fact Check: President Biden is Dead Wrong on Inflation

June 30, 2022

After the Federal Reserve’s preferred measure of inflation increased by 6.3 percent from the year previous, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) fact checked President Biden’s false inflation claims on “Varney & Co.” with Stuart Varney on Fox Business.

READ: Brady: President Biden’s Inflation-Plagued Economy Gets Crueler for American Families

CLICK HERE to watch the full interview.

CLAIM: Inflation is the result of “Putin’s Price Hike.”

FACT: Democrats’ $2 trillion  in so-called COVID “stimulus” spending fueled inflation long before Russia invaded Ukraine.

Brady: “This is nonsense. As you know, inflation in the U.S. was nearly sevenpercent before the war began. Gas prices had already surged before this war began. Has the war exacerbated the problem? Yes. But underlying it all, is this attack by the President on oil and gas in America, and his refusal to work with the industry in America to try to lower these prices.  

READ: FACT CHECK: It’s Bidenflation, Not Putinflation

CLAIM: President Biden’s push to suspend the gas tax holiday will lower gas prices. 

FACT: Even top Democrats have criticized the gas tax holiday as a solution, including President Obama, who called the gas tax holiday a gimmick in 2008, former Obama-Biden White House economic advisor Jason Furman, and House Committee on Transportation and Infrastructure Chairman Rep. Peter DeFazio (D-OR).

Brady: “I can tell you, that gas tax holiday that he’s claiming will save $1 a gallon – our estimates are that an average family will save over three months, seven bucks or about one gallon of gas these days.”

READ: ONE-PAGER: White House’s ‘Gas Tax Holiday’ is a Gimmick

CLAIM: Inflation is higher around the world than in  the U.S.

FACT: Analysis from the San Francisco Fed finds that U.S. core inflation is higher than other nations – and attributes a part of it to President Biden’s decision to continue unemployment bonuses and government stimulus after the pandemic receded.

Brady: “He’s dead wrong again on that and I think confused about it, frankly. Most reports show America’s inflation is about three percentage points higher than most of the world, mainly because of his spending policies and his anti-energy policies. We are living in a very cruel economy. The new inflation numbers this morning is more bad news. We’ve got reports of Americans skipping meals, conserving water, eliminating meat, dipping into their life savings. Twenty-six million Americans have had their savings wiped out under Joe Biden because of this inflation. And one out of four Americans are delaying their retirement because of Joe Biden’s very cruel economy. And that’s why I think his poll numbers are just so staggeringly low.”

READ: FACT CHECK: Biden Budget Director is Wrong — American Inflation Isn’t Just Part of a Global Trend